Discussion of the Good, Clean Funnies List
gcfl-discuss at gcfl.net
Thu Mar 4 17:18:49 CST 2010
If federal tax is 50%, state tax is 35%, and local tax is 20%, then you
could theoretically pay more in tax than your entire income -- at least
on the bracket subject to those percentages. But, federal is currently
well under 50% even for the top bracket, state is generally in the single
digits, and local even smaller, where there is one at all -- I know, you
live in New York City.
The moral of your next paragraph is, if you get a $2 raise, don't use the
I definitely favor phasing out assistance like food stamps in such a
manner that people always get ahead by working. It means they get to keep
at least half the money, or lose in assistance half or less of what they
make, until its down to a small sum which can just be dropped, because
income is high enough nobody would quit their job.
On Thu, 4 Mar 2010 10:14:19 -0500 "Discussion of the Good, Clean Funnies
List" <gcfl-discuss at gcfl.net> writes:
While the axiom seems to be flawed, there actually is some truth to it.
Firstly, between federal, state and local, the marginal rates could total
above 100%. Secondly, if the change in your bracket takes you to a
category where deductions and exemptions get prorated, that shift could
go over 100%. Thirdly, before computer tax programs became so
ubiquitous, the fed sent out tax tables with $50 increments. lets say
that at $20000, the marginal tax rate is 10%. if a person's income jumps
from 19999 to 20001, a $2 increase, his tax will go up $5, 10% of $50.
Finally, if a person receives certain benefits, such as food stamps,
medicaid, college scholarships, rent assistance (section 8), etc., a
small increase in on-the-books income could cost him some or all of these
benefits. the tax may not literally be over 100%, but it sure will feel
This last is what causes people on the dole to stay there. An unskilled
job cannot possibly bring in as much income as would be lost from food
stamps, medicaid, etc.
Some years ago, i sued my insurance company and an arbitration hearing
was being held. as i waited for my turn, i was surrounded by a bunch of
lawyers who knew each other professionally. some had 6 or 7 digit
salaries while one went into legal aid. his salary was so much less than
the others, but when they factored in scholarships and such, they weren't
that far apart.
Subject: Re: [GCFL-discuss] Axioms
That's so much BS that they do that Insufficient Funds charge, it's so
dirty... oh well, we call that capitalism.
Thanks to my college experience I know how to live on very little ...
sadly that means being stuck in the apartment doing nothing but computer
games and looking for work. Sucks, but I'm not spending money.
On Wed, Mar 3, 2010 at 7:47 PM, Discussion of the Good, Clean Funnies
List <gcfl-discuss at gcfl.net> wrote:
I guess I am more gullible than I realized. I assumed that was a true
statement without question. What made you decide to test it?
I sent my math whiz friend your statement and figures. I await his
Not, of course, that I don't have faith in your reasoning abilities.
I am distressed to learn of your and Lance's financial status. (How do
grammatically say the previous sentence? The "you/r and Lance" part. No
matter how many times I say it aloud, it sounds WRONG.) I have three
friends who are working for the census. I hope and pray you get that
Lance. Are you interested in working for the census, Siarlys? We are in
sad shape financially, but we still have food in the fridge, the deep
and the pantry, so I really have no place to complain. I would like it
our bank 'autopays' could be put "on hold" until we have money in the
as the insufficient funds charges of $37 for each transaction are pulling
farther and farther under. How does charging us allow us to catch up?
Subject: [GCFL-discuss] Axioms
Kaufman's Axiom is funny, but
The Salary Axiom was prepared by someone who can't do math.
There is no such thing as a pay raise which costs more, by moving you
into a higher tax bracket, than the amount of the raise.
The higher percentage applies only to the money OVER the lower limit for
the bracket, and it is always less than 100%.
10% of $10,000
15% of income over $10,000 but less than $50,000
25% of income over $50,00.
If you made $45,000 before and $55,000 after,
$1000 + $5250 = $6250 leaving you $38,750.
$1000 + $6000 + $1250 = $8250 leaving you $46, 750.
I can always use an extra $6000, even if Uncle Sam has already taken
I'm not sure I'm going to make $6000 this entire year.
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